Yeah, Yeah Yeah. Bitcoin $1M. Bitcoin $100K. Bitcoin futures, etc. I know, I know. You’ve heard all this before (like, hourly) . BUT, when someone who is really respected (not our grocery checkout person) makes a call……….well, ya gotta pay attention. Anyway, $50k in 2018 is the call from Kenetic Capital’s managing partner (Jehan Chu) and he’s sticking to it. Guess he doesn’t listen to Jamie “its a fraud” Dimon. OK, I’m putting Jehan’s call on my “pick board”.
Kenetic Capital managing partner has said that he expects bitcoin to reach $50,000 by the end of 2018 as the cryptocurrency market becomes globally accepted.
Speaking on Bloomberg TV, Jehan Chu, said “I think we’re going to see $50,000 by the end of 2018 for bitcoin. I think with the one-two punch with the Cboe and CME I think the entire world is on watch now for what is to come and what the real liquidity that can enter this market will actually look like.”
Chicago-based exchanges CBOE and CME are to launch their bitcoin futures contracts later this month, which are helping to boost the price of the market up to record highs. Just today, it was reported that the cryptocurrency had risen by 10 percent, nearing the $13,000 barrier.
Speaking about how digital currencies are perceived in Asia compared to the U.S., Chu argued that the Asian market is a lot more ‘nimbler’ than its counterpart, including that of China despite its crack down on initial coin offerings (ICOs) and domestic digital currency exchanges.
Interestingly, he stated “China is actually one of the fastest to adopt at an enterprising level blockchain technology.”
He’s also of the opinion that efforts by the PBoC to develop its own cryptocurrency lends a lot of weight to the validity to digital currency at a sovereign level generally, adding “I think in 2018 we will see the first state-backed digital currency in one form or another and I bet you it will come from Asia.”…
Full Story at Cryptocoinsnews.com